Middle class shackled by banking debt chains.

[babsbunny]

http://www.mybudget360.com/middle-class-debt-household-debt-mortgage-credit-card-student-loans-45-trillion-shackles-of-debt/

113 million households each owe an average of $113,000 in banking debt for mortgages, student loans, credit cards, and auto loans. $45 trillion in household sector debt, government debt, and domestic financial sector debt.

The middle class has been systematically shackled by large amounts of debt, banking debt to be exact in a new form of financial serfdom. Much of this started in the early 1970s on par with the deficits don’t matter policy that engulfed our monetary policy for the next four decades. Like any giant structure built on debt, there is usually a point where a sort of debtor’s spiral will hit. Many middle class Americans have seen this occur with their credit card debt, mortgages, and auto loans. This also comes at a time when we have a record amount of two (or more) income households. More people are working under one roof but earning less and less in low paying service sector jobs. If it wasn’t for the two income trap, we’d see how shackled the public is to the banking debt that is so pervasive in America.

This amount of debt will cripple any recovery. Take a look at the current trap:

[Smashcut]

1. I am one of them. 28 y/o, 100K+ in student loan debt.

What a mistake in this economy.

My credit is destroyed and I'll be in financial prison for the next 10 years or more.

[Hawkowl]

2. Sorry.

I really couldn't afford to go to college today. Back in the early 80's all my expenses were paid with grants/scholarships based on need. It is an absolute travesty where we are as a country today.